As we head into 2015, some executives in this sports-crazy town will be focusing on two questions — what's in a name, and, what's it worth?

Count Dennis Mannion, president of the Palace Sports & Entertainment where the NBA Detroit Pistons play and others events also held, among those pondering the questions.

After spending more than $40 million in upgrades at the Palace, which includes a new scoreboard and renovations of suites, the 26-year-old facility is now in search of its first naming-rights sponsor.

It's a deal that would likely reap millions.

"There's no timetable," said Mannion, who is working with Premier Partnerships of Santa Monica, Calif., to help in its quest.

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The Palace of Auburn Hills(Photo: Detroit Free Press file photo)

"The timing is great due to all the renovations, strong concert business and young team on the rise. It's an iconic building with both a great reputation and, now, cutting-edge amenities," he said.

Since Flint native Tom Gores, who owns Platinum Equity, purchased the Detroit Pistons franchise and the Palace from the late William Davidson's family in 2011, sports-marketing enthusiasts assumed they would look for a company to puts its name on the arena.

The Palace is one of two NBA arenas that currently does not have a naming-rights deal. Madison Square Garden is the other.

Comerica paid $66 million over 30 years in 2000 for the right to put its name on the place where the Detroit Tigers play, and Ford paid $40 million over 20 years in 2002 to have its moniker adorn the field where the Detroit Lions play.

The late William Clay Ford of the auto family purchased the Lions in 1963. His widow, Martha Ford, now owns the team. Their son, Bill Ford, serves as vice chairman of the NFL team.

Gores and the Palace could face some competition in the naming-rights marketplace from the Ilitch family, who own the Detroit Red Wings and Tigers. A new $450-million hockey arena is being built in downtown Detroit and set to open in 2017.